New Tool Allows Businesses to Track Money Made from Yelp

If you’re a business owner, having a presence on review sites like Yelp, gives you stellar (free) word of mouth marketing. Plus, Yelp gives you excellent insight into what your customers really think about your biz. But what if you could also track just how much money you were making through a free business profile on Yelp? This just in: Yelp’s newly released “Revenue Estimate” tool does just that!

According to Yelp’s blog, “Last week, a Boston Consulting Group Study indicated that local businesses with a free Yelp account saw an average of $8,000 in annual revenue from Yelp, and that for advertisers, this figure was more than $23,000… This new free tool does the math by multiplying customer leads sent from Yelp each month by the business’s average revenue per customer lead. We’ve also included the average spend per customer for each business category for reference, based on the BCG study.”

Why is this helpful? Businesses can:

Help quantify the revenue opportunity Yelp is giving each business.

Establish a revenue baseline for prospective advertisers, which can later evaluate the impact of their investment in Yelp Ads.

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